Definitely agree with you on the down payment front. When we bought our first place, my credit was still recovering from some past mistakes. We initially aimed for 10% down, but after chatting with our lender, we realized bumping it up even a bit more made a noticeable difference in interest rates and overall approval odds. It wasn't easy scraping together that extra cash, but looking back, totally worth it. Sounds like your client had a similar experience... lenders really do seem to appreciate that extra commitment.
Totally with you both on this. When I was rebuilding my credit after bankruptcy, I initially thought waiting it out would be smarter. But honestly, putting down a bigger chunk upfront made lenders way more comfortable. Plus, it saved me thousands in interest over the life of the loan. Sure, it stung a bit to part with that extra cash at first... but long-term, it was a no-brainer. Sometimes showing lenders you're serious about turning things around really pays off.
Totally agree with your take. I've seen clients go both ways, and honestly, the bigger down payment tends to open doors faster. Lenders really do appreciate when you're willing to put skin in the game—it's like a tangible sign of commitment. Plus, it can help offset the initial hit your credit score took from bankruptcy. Waiting it out can work too, but often means renting longer and missing out on building equity early on... Just something else to think about.
I've noticed the same thing with lenders—they really perk up when they see a bigger down payment. Had a client last year who went through bankruptcy, decided to wait it out, and ended up frustrated paying rent month after month. Eventually, she went for the larger down payment route and never looked back...worked out pretty well for her.
Totally agree—lenders definitely seem to relax a bit when you've got more skin in the game. Ever notice how they suddenly become your best friend when you mention a bigger down payment? 😂 But seriously, I've seen both sides of this coin. Waiting it out can feel like throwing money away on rent (been there, done that), but rushing into a purchase without being financially ready is risky too.
I had a client once who went the opposite route—he waited nearly three years post-bankruptcy, thinking it would magically boost his credit. He ended up frustrated because his credit improved, but home prices shot up even faster. So yeah, it's a balancing act. A larger down payment can definitely soften the blow of past financial struggles in the lender's eyes, but timing matters too. Are housing prices rising quickly in your area? If they are, waiting too long could mean paying more down the road. Something else to think about...
